In a move to stoke demand, Tesla cuts prices in China by upto 9%

Tesla shares slumped as much as 4.1% before the start of regular trading and were down 2.3% to $209.43 shortly after 8 a.m. New York time

Tesla lowered prices across its lineup in China, looking to stoke demand in a market where competitive and economic pressures are intensifying. The carmaker cut the cost of the cheapest locally built Model 3 sedan by 5 per cent to 265,900 yuan ($36,774), Tesla’s website showed Monday. The company dropped the starting price of the Model Y SUV by 8.8 per cent to 288,900 yuan. 

The changes reflect the tougher time Tesla and its international peers are having going up against local manufacturers led by BYD , which sold a record 200,973 vehicles last month, and upstarts including Nio Inc. and